About UsNarrowstep™ Inc. Reports 1st Quarter Results For Fiscal Year 2008
NEW YORK / LONDON, JULY 17, 2007 - Narrowstep™ Inc. (OTC Bulletin Board: NRWS), the TV on the Internet Company, announced results for the first quarter of fiscal year 2008, ended May 31, 2007. Revenue for the quarter was $1.6 million with a loss of $3.3 million or $0.07 loss per share, compared to revenue for the comparable quarter of the previous year of $1.1 million with a loss of $1.2 million or $0.03 loss per share. At quarter's end the company had $4.3 million in cash.
"The future of television is largely dependent on the Internet, and television on the Internet is an area where Narrowstep has a distinct advantage," said David C. McCourt, Chairman and CEO. "We continue to see tremendous demand for Narrowstep's technology and tools for monetizing video content. During the first quarter, we launched a number of exciting channels for industry leaders such as Virgin Media, the Sci Fi Channel and award-winning film company, BreakThru Films. We also entered into exclusive partnerships with the William Morris Agency, the world's largest talent and literary agency, as well as with Telefonica, the third largest telecommunications company in the world."
Overall revenue increased by 39% year over year, the increase in narrowcasting sales was 69% year over year ($1.4 million compared to $0.8 million).
"As we discussed last quarter, Narrowstep is focused on capitalizing on the high growth, high margin narrowcasting segment of our business. As such, we have moved away from the lower margin production business in order to focus on the higher margin channel building and channel development segment which plays to the strength of our telvOS™ platform, and where I believe we have a real advantage both in the U.S. and abroad," added McCourt.
At this time, Narrowstep will not be conducting an investor call. For additional information please contact, Jesse Case at (609) 951-2221 or jcase@narrowstep.com.
About Narrowstep:
Narrowstep™ Inc. (OTC Bulletin Board: NRWS), the TV on the Internet company, is a leading provider of Internet TV services to 100+ companies worldwide. Narrowstep's propriety technology, the Television Operating System™ or telvOS™ delivers the most television-like and true community building Internet TV experience available. A pioneer in the IPTV spectrum, Narrowstep offers the expertise to build channels, as well as state-of-the-art technology that can send video to multiple platforms. For more information about telvOS™, please visit http://www.narrowstep.com/technology/internet-tv-software-platform.aspx and for more information about Narrowstep, please visit http://www.narrowstep.com or call +44 (0) 20 7498 3377.
Forward-Looking Statement:
Certain statements in this news release constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known or unknown risks, including those detailed in the Company's filings with the Securities and Exchange Commission, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.